Larry Ellison’s Oracle plunges as AI drive fails to pay off

Investors punished Larry Ellison’s Oracle for failing to deliver on profits on Wednesday - Justin Sullivan/Getty Images More than $100bn (£75bn) has been wiped off the value of Larry Ellison’s cloud computing giant Oracle over fears that his bet on AI is failing to pay off. Shares in Oracle fell by as much as 16.5pc when trading began on Wall Street on Thursday. The slump came after the company committed more investment into AI data centres, even as quarterly profit and revenue forecasts missed analysts’ ...